IT Intelligence Bulletin – Zensar, an RPG company, has announced that it has entered into a definitive agreement to acquire US-based Cynosure Inc.
Cynosure focuses on providing Guidewire platform implementation services to Property and Casualty (P&C) insurance carriers and had 2017 revenues of about $20 million. Zensar’s Insurance business spans global clients largely in the P&C space. The addition of Cynosure will enable Zensar to have platform capabilities for the insurance segment that will position the Company to grow faster in the fast-growing Insurance software market. The Insurance vertical currently accounts for approximately 15% of Zensar’s total business.
This acquisition is a critical component of Zensar’s ‘Return on Digital’ strategy that works on creating significant business impact for clients through scalable digital transformation programs. Insurance Companies worldwide are currently evaluating elements of their technology backbone to make their organizations digital ready. Many of them are still on legacy systems that limit their ability to leverage digital opportunities. Most insurers, especially in the P&C space, are moving to modern software platforms, such as Guidewire, as it enables them to not only create new experiences for their customers, but also helps them digitize a large part of their core insurance functions of Policies, Claims and Billing.
Announcing the acquisition, Harsh Goenka, Chairman of RPG Enterprises and Zensar said, “Insurance is one of the focus areas for Zensar. The combined capabilities of Cynosure, with its industry leading Guidewire capabilities in the Property & Casualty Insurance sector and Zensar’s digital expertise will augment the Company’s growth.”
This report continues after the following message from HG Insights:
“The digitalization of the insurance sector with reference to its products, sales channels and consumer engagement is increasingly driven by digital technologies. Cynosure is a Guidewire partner, and is well respected in the market place, making them experts in this area. They bring successful implementations, providing core system modernization with rich customer relationships that will serve as a significant value addition to our offerings,” commented Sandeep Kishore, Chief Executive Officer and Managing Director of Zensar.
“As part of Zensar, we have the opportunity to offer more robust integrated solutions combined with its digital transformational and infrastructure capabilities. Our expertise in Guidewire platforms have enabled our customers in the Property & Casualty Insurance space to reap long-lasting benefits which is now fortified by this combined entity.” said Sid Wadhwa, CEO & Co-Founder, Cynosure Inc.
Zensar has been making rapid progress over the last few years in transforming itself into a digital led business. In a very short time the company has, through a mix of acquisitions and organic growth, begun generating over 38% of its business from the digital space comprising Automation, Machine Learning, Predictive Analysis and Blockchain technologies.
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